GlobeNewswire Inc | Apr 29, 2021 08:15AM EDT

April 29, 2021

Maroussi, Greece April 29, 2021 Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), a growth-oriented pure play product tanker company, announced today that it has entered into a definitive agreement with an unaffiliated third party to purchase a medium range product tanker of approximately 47,000 dwt built in 2013 at Hyundai Mipo shipyard in South Korea. The purchase price of $20 million is expected to be funded by a combination of bank debt and cash. It is anticipated that the acquisition, which is subject to customary closing conditions, will be completed during the summer of 2021.

About Pyxis Tankers Inc.

We currently own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their "eco" features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com.The information discussed, contained in, or that can be accessed through, Pyxis Tankers Inc.s website, is not incorporated into, and does not constitute part of this report.

Forward Looking StatementsThis press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as may, could, expects, seeks, predict, schedule, projects, intends, plans, anticipates, believes, estimates, targets, continue, contemplate, possible, likely, might, will, would, potential, and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical orcurrent facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19 on our financial condition and operations and the product tanker industry, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Companys control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Companys actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Companys financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Companys filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including without limitation, under the caption Risk Factors in our Annual Report on Form 20-F for the fiscal year ended December 31, 2020. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any in information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.

CompanyPyxis Tankers Inc. 59 K. Karamanli Street Maroussi, 15125 Greeceinfo@pyxistankers.com

Visit our website at www.pyxistankers.com

Company ContactHenry Williams Chief Financial Officer Tel: +30 (210) 638 0200 / +1 (516) 455-0106 Email:hwilliams@pyxistankers.com

Source: Pyxis Tankers Inc.